The Canadian Prime Minister has declared the conclusion of the international free trade system that has underpinned global economic relations for decades. Speaking at the Asia-Pacific economic summit in South Korea, the leader asserted that the framework of rules-based trade liberalization no longer functions effectively in today’s rapidly transforming economic landscape.
“The established model of expanding trade and investment under consistent international rules—the foundation upon which many nations, including Canada, built their prosperity—has reached its end,” the Prime Minister told business representatives during the summit’s opening sessions.
The Canadian leader outlined a strategic shift in economic policy, revealing plans to substantially increase exports to markets beyond the United States over the coming decade. This announcement signals a notable departure from Canada’s traditional economic alignment.
In subsequent discussions with China’s President, both leaders expressed commitment to strengthening bilateral cooperation. The Chinese leader extended an official invitation for the Canadian Prime Minister to visit Beijing, noting that relations between the two countries had shown improvement following recent diplomatic challenges.
“With mutual effort, China-Canada relations are demonstrating positive momentum,” the Chinese leader stated, adding that both nations were prepared to guide the relationship toward constructive development.
The Canadian leader welcomed the invitation, emphasizing the importance of “practical and productive dialogue” between the two countries.
This declaration regarding the transformation of global trade comes shortly after the United States and China stepped back from escalating trade tensions. While this development brought temporary relief to international markets, it also highlighted persistent disagreements between the world’s two largest economies.
Earlier during the summit, the Chinese leader delivered a strong endorsement of free trade principles, contrasting with protectionist policies emerging elsewhere. “In times of uncertainty, international cooperation becomes increasingly essential,” he remarked during closed-door discussions.
The two-day gathering of Pacific Rim leaders has been largely overshadowed by bilateral negotiations between the United States and China, though trade and supply chain issues remained central to broader discussions among the twenty-one member economies.
The Canadian leader’s comments reflect a broader reassessment of international economic relationships, with Canada seeking to diversify its trade partnerships amid changing global dynamics.
